Fairtree Elevant Ventures Research
Investment Thesis
Fairtree Elevant Ventures (Elevant Ventures) is the European venture growth fund of Fairtree, a South African asset manager. It describes itself as a growth accelerator backing ambitious, growth-oriented companies preparing to scale. The team says it identifies and supports trailblazing companies that use innovation to shape a future defined by sustainable technology, healthy living and a better world. Its stated belief is that great ideas achieve impact only through exceptional execution sustained over time. In its words: "We back ambitious teams harnessing breakthrough innovation to redefine the future" (David Evans, Managing Director, September 2026).
Sector Focus
The firm's site lists four areas under "Unique solutions":
- Energy transition: next-generation battery systems and renewable infrastructure.
- Industrial automation: AI-enabled manufacturing, robotics and process optimisation.
- Sustainable materials: circular economy solutions, advanced manufacturing and recycling.
- Agricultural innovation: food security, resource efficiency and food supply chain resilience.
Third-party directories also tag it with consumer, logistics and clean-tech, and the firm's own commentary covers robotics and Europe's energy storage and circular economy challenges. The portfolio spans climate hardware, clinical trial software, consumer products, food ingredients and micromobility.
Stage Focus
Seed to Series A in Europe per the firm's site. The lead Series B in Mojave Energy Systems (a US company) in September 2026 shows it will go later-stage and outside Europe when a deal fits, and EU-Startups lists Pre-Seed/Seed through Series A/B.
Check Size
Initial tickets of EUR 500K to EUR 3M, per the firm's site. The firm takes strongly influential minority stakes of typically 10% to 30%. EU-Startups lists typical investment as above EUR 3M, which likely reflects larger later-round tickets.
Lead Tendency
Leads. It led the US$19M Series B in Mojave Energy Systems, and describes itself as an engaged, highly active investor rather than a passive one.
Recent Activity
- September 2026: led a US$19M Series B in Mojave Energy Systems (humidity-first commercial HVAC, ArctiDry platform), alongside River Bay Investments, with At One Ventures, Fifth Wall, Myriad Venture Partners, Starshot Capital, Cleo and MetaTrail participating.
- 2026: welcomed Hannes van den Berg back to the Fairtree team (firm news).
- Fund size and close date were not found on the firm's site. Fund status is treated as actively deploying based on the September 2026 lead.
Portfolio Highlights
The firm's portfolio page shows six logos: Maxwell and Spark, Task Clinical Trials, Kalpana, No Palm Ingredients, Moby Bikes and Mojave Energy Systems. No exits were found.
Team
- David Evans, Managing Director. Joined Fairtree in 2021, founded and leads the European venture growth fund. Started at Bain & Company's Private Equity Group, then SABMiller, then entrepreneurship.
- Maurits Geuze, Investment Partner. Joined in 2025. Previously headed Rabobank's Energy Storage and Circularity division and led a family office as General Partner.
- Gabriel Louw, Private Equity Investment Principal. Joined in 2019. Ex-PwC and Stonehage Fleming.
- Marisa Evans, Private Equity Analyst. Joined in 2023.
- Kobus Nel, Group CEO and co-founder of Fairtree, Chairman of the Private Equity Investment Committee.
Decision Process
Investment committee, chaired by Kobus Nel (Chairman of the Private Equity and Operational Real Estate Investment Committees). The deal team of Evans, Geuze and Louw sources and leads deals.
Founder Preferences
Passionate, capable, ethical, driven and resilient teams with a track record of excellence, relevant experience and demonstrated resilience. It wants breakthrough products or business models, high customer advocacy, and ambition paired with disciplined execution ("the fuel and the fan to that flame"). It values shared foundational values rooted in integrity.
Geographic Focus
Europe is the stated focus. The team says it specialises in building operations in both European and US markets, and the Mojave deal confirms US exposure. The fund is run out of the Netherlands with backing from Fairtree Capital Europe.
Gaps
Fund size, vintage and close date, per-company stages and investment dates, and portfolio company domains (other than Mojave) were not verified. Warm-intro requirement and decision timeline are unknown.